U.S. indicts suspects in $650 million cryptocurrency fraud case

United States federal prosecutors have indicted two individuals in connection with a cryptocurrency fraud case amounting to $650 million.

On the 9th (local time), CryptoPolitan, citing an indictment from the United States District Court for the District of Puerto Rico, reported that Michael Shannon Sims, a resident of the State of Georgia and State of Florida, and Juan Carlos Reynoso, a resident of the State of Florida, were charged with operating and promoting OmegaPro, a cryptocurrency multi-level marketing company.

According to the United States Department of Justice, Sims, Reynoso, and their co-conspirators sold cryptocurrency-based investment packages to thousands of victims from 2019 to 2023, thereby gaining illicit proceeds of approximately $650 million. They promoted these packages by claiming that elite forex traders would safely manage the funds and deliver returns of up to 300% over 16 months.